Homeowners Be Aware of Rising Remodeling Costs

If it seems like everything is costing more these days, it’s not your imagination. From soaring gas prices to rising grocery bills, the pandemic and the war on Ukraine are impacting consumers’ pockets in more ways than one. 

In the remodeling industry, we’ve seen homeowners renovating their properties more than ever before, but those projects are coming at a price. The US Census Bureau reports that construction materials are up 17.5 percent year over year from 2020 to 2021, the highest increase in a single year since the 1970s. Everything from lumber to concrete to metal is costing more and prices aren’t expected to drop anytime soon. 

Let me give you an example. An average-sized 1,600 square foot house would need roughly 50 sheets of new plywood for a roof. That plywood would cost a contractor a little less than $20 per sheet before the pandemic. Today, the price is nearly $50 per sheet. That 40 percent increase isn’t a cost that a contractor can simply absorb. Some of it has to be passed down to the customer.

Wood isn’t the only commodity where prices are exploding. Russia is a major producer of copper and aluminum, which have seen price surges of 33 percent and 25 percent respectively year on year. Then, of course, there are issues with getting the materials where they need to go. Pandemic-triggered worker shortages are causing massive delays in logistics as companies struggle to find truck drivers. 

Let’s not forget the price of fuel. The average cost for a gallon of gas in the U.S. hit a record of $4.17 a gallon earlier this week, breaking a previous record of $4.11 that had stood firm since 2008. Here in Connecticut, the average price per gallon is $4.36, the eighth highest in the country. Prices were already going up before the invasion of Ukraine, but costs are now skyrocketing as the oil industry rejects crude from Russia.

So when do we think things will level out again? Truth be told, not anytime soon. The U.S. is still struggling with a worker shortage and materials are slow to get into warehouses due to shipping delays and material scarcity. Work is getting done, but at a higher cost and a slower rate than we are used to. My advice? Plan to be patient, have a little flexibility and be sure to hire a reputable professional for any project you’re considering around the house. 

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.

Rental Property Upgrades

The current real estate market is a lucrative one for many rental property owners. Whether it’s short, weekly visits, or long-term tenants, having a second property that can be rented out is a smart move, especially considering how many people are looking for places in our area. So whether you’re ready to list on Airbnb or you’re interested in a long-term tenant, here are a few things you can do to make the most out of your investment property. 

Treat it like a house, not a home. Spending time and money creating the perfect aesthetic is a waste because the people who will be occupying the property likely won’t have the same taste that you do. Instead, focus on function while maintaining an inviting and warm atmosphere. Keep it simple and comfortable to appeal to a wider audience.

Upgrade kitchens and bathrooms. These rooms are key for rentals as they generally come “as-is” with fewer furniture and styling opportunities. With a kitchen, be sure that there is plenty of storage and that the appliances are clean and new. For the bathroom, make sure it’s absolutely mold-free and has good ventilation. Everyone loves a strong, hot shower but no one wants a bathroom riddled with mildew from the heat and humidity. Again, it’s important to remember that no one is going to treat a rental property with the same love and care as their own house, so plan for wear and tear.

Keep it clean. Walls and carpets can get used and abused pretty easily, but most of the time they can look new with a thorough clean. Before you go ripping, replacing, and repainting, see what you can do with a Magic Eraser and a carpet cleaner which can be rented from a home improvement store for around $30 per day. If your walls and carpet are damaged and you need to repaint or replace them, stick with simple, neutral colors that are easy to clean and will complement any style.

Fixture focus. One inexpensive upgrade is giving the fixtures a facelift. Cabinet knobs, door handles, blinds, and lighting can give a dated space a whole new look without spending a fortune. I can’t tell you how many homes and apartments I have been in with broken, plastic mini-blinds that make a whole room look dark and dingy. A simple replacement using wide faux wood blinds or a simple and easy-to-clean panel shade can really change a room on the cheap.

A picture is worth. Good quality photography can really make a listing shine. Professional images will get more people interested in your space, giving you a wider selection of better prospects to choose from. Attracting good people who will take care of your property is key and will save you a lot of money and headaches in the long run, so it’s important to go the extra mile to find them.

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.

Find The Right Pro for the Job

With any home remodeling project, one of the most daunting parts is finding the right expert for the job. You want to find someone who is local, reputable, and will give you a good fair price, which can be tough when so many people are looking for help around the house. So where do you start? Here are my top tips for finding a good match for your renovation plans.

Ask for referrals.

When it comes to hiring an expert for remodeling or home repair work, you should look at it the same way you would for a doctor or an accountant. Start by asking friends, family, or co-workers for a referral, or you can also try your local building inspector or the owner of the lumberyard in your area. Additionally, every tradesperson has a network of other home professionals they deal with regularly; so if you have a plumber but need an electrician, don’t be afraid to reach out. Local Facebook groups are also a fantastic way to search for recommendations. 

Trust your gut.

When meeting with professionals, your gut feeling is as important as anything else. Home improvement is a personal process so go at it in the same way you would a first date. Do you like the solutions and options the expert provides? Does he communicate with you in a way that’s clear and concise?  Do you feel comfortable that she will do the job the way you want it done? Don’t get caught up in special deals or flashy talk, trust your instincts and go with a professional that feels more like a partner than a salesperson. A true expert will show his or her knowledge and educate you along the way.  

Don’t ask for a rough estimate. 

If you have a big job that you need done, there is no use in asking for a “ballpark figure”. Chances are that the prices quoted in the estimate will change once the contractor has a chance to understand what is specifically required. Certain things such as the condition of the property, the materials used for the job, and the personalization that you require will make up the price. Save yourself some time and confusion by making a list of what you really want before the contractors show up for the first appointment. Most professionals will give you an estimate for free so make the most of that opportunity by getting specific. Getting a good deal is important, but not if it means scrimping on quality workmanship. 

Do ask for a plan.

Understanding your costs is key, but it’s also a good idea to ask for a plan of action to ensure you are fully aware of both the process and the timeline for the job. A simple step-by-step explanation will give you the clarity you need to ensure that you and your contractor are on the same page and it will also help you plan around activities you might have going on. As a professional, I like to make sure the steps involved in a job are clearly articulated for two reasons; it gives my customers confidence in the project and it helps them understand all of the work being undertaken, especially the parts that might not be as obvious.  In my opinion, an educated customer is the best kind of customer.

Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to info@odonnellbros.com with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.